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Data:2009-12-12 2:34
Individuals to purchase a home when there is no compulsory insurance, but individuals to apply for fund purchase commercial individual housing loans and guaranteed loans, the lending bank require the borrower to insure the provisions of insurance as a borrowing conditions. Banks designated by insurance mainly for housing, property insurance, other insurance are involved in loan guarantees, insurance, life insurance.
Housing insurance is property insurance, and mortgage lines linked. The insurance and home property insurance only difference is that its subject matter specifically refers to loans to buy homes, not including housing outside the interior decoration and other property. Mortgage insurance home insurance for banks to individuals on both sides. Banks require loan applicants purchase insurance for this risk, it is because home buyers borrowing set mortgage collateral security relationship to the lending bank's risk, through participation in the insurance could not be passed due to the risk caused by natural disasters. For individual housing, high-value, the average family can take a long-term accumulation of the acquisition, families can not afford to unforeseen catastrophe, that is, liquidated or after the loan not to bank loans, but also have a need for housing, plus insurance.
When banks that purchase loans in repayment on the individual there is a big risk Shihai require the borrower to insure loan guarantee insurance, insurance that the insurance purchased by insurers who want to make home mortgage loans on condition. This insurance mainly to protect the interests of the lending bank, as occurred for 3 consecutive months, the borrower can not perform according to contract debt servicing, the insurance company first to be compensation, so that the timely recovery of bank loans and interest, and insurance companies to recover on behalf of the borrower pay arrears and interest, such as the borrower's inability to repay debt, the insurance company the right to dispose of housing mortgages.
As a purchase loans are insured, banks demanded that the insurance formalities completed before issuing the loan. General procedures for the bank signed a purchase and personal loans, mortgages, etc. after the legalization of the contract and insurance, and then apply for mortgage registration, the final processing loans.